AML (Anti-Money Laundering)

March 21, 2019

AML (Anti-Money Laundering) laws were added to the BSA (Bank Secrecy Act) to strengthen banks’ abilities to prevent illegal money-laundering activities.

In addition to other stipulations of the BSA, the AML specifically helps banks identify and fight terrorist financing, money laundering, securities fraud, and market manipulation.

FINRA (Financial Industry Regulatory Authority) sets forth the rules that banks must follow to remain compliant. Each bank and financial institution can create its own written AML compliance program, but it must qualify under the following guidelines.

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